Payless may be close to closing all stores, filing for bankruptcy

The discount shoe retailer Payless ShoeSource could close most if not all of its 2,700 stores once it files for bankruptcy later this month, CNBC is reporting.

Company owners have been trying to find someone to buy the chain, but have not been able to make a deal. Unless someone steps forward to save the business, stores are expected to begin going-out-of-business sales next week, a source told Reuters.

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Payless could also sell blocks of stores in various parts of the country, CNBC reported.

If bankruptcy is filed, this will be the second time the company has done so. Payless filed for bankruptcy in April 2017 and came out of it more than a year ago, still having $400 million in loans from a previous total of $800 million, court filings showed and creditors took ownership of Payless, Reuters reported.

Payless also closed about 400 stores, CNBC reported.

The company has not responded to Reuters or CNBC's requests for comments.

Payless was founded in 1956, according to Bloomberg.

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